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12 Jul 2020

News

Moneyfacts Base Rate Increase Cost Guide

If as predicted the Bank of England base rate rises tomorrow, the table below may help you to calculate the impact to your variable rate mortgage.

 

Base
Rate

 

Increase

 

Mortgage £110K

Repayment

Monthly increase

Interest only

Monthly increase

4.75%

N/A

£627.13

N/A

£435.42

N/A

5%

0.25%

£643.05

£15.92

£458.33

£22.91

5.25%

0.5%

£659.17

£32.04

£481.25

£45.83

5.75%

1%

£692.02

£64.89

£527.08

£91.66

6.75%

2%

£760.00

£132.87

£618.75

£183.33

 

 

Mortgage £150K

 

 

Repayment

Monthly increase

Interest only

Monthly increase

4.75%

N/A

£855.18

N/A

£593.75

N/A

5%

0.25%

£876.89

£21.71

£625.00

£31.25

5.25%

0.5%

£898.87

£43.69

£656.25

£62.50

5.75%

1%

£943.66

£88.48

£718.75

£125

6.75%

2%

£1,036.37

£181.19

£843.75

£250

 

 

Mortgage £200K

 

 

Repayment

Monthly increase

Interest only

Monthly increase

4.75%

N/A

£1,140.23

N/A

£791.67

N/A

5%

0.25%

£1,169.18

£28.95

£833.33

£41.66

5.25%

0.5%

£1,198.50

£58.27

£875.00

£83.33

5.75%

1%

£1,258.21

£117.98

£958.33

£166.66

6.75%

2%

£1,381.82

£241.59

£1,125.00

£333.33

Source: www.moneyfacts.co.uk

Figures based on mortgage with a 25 year term.
            MoneyFacts

 NOTES TO EDITORS:

Moneyfacts Group
Moneyfacts is the UK’s leading independent provider of personal financial information and our data is used and trusted throughout the financial industry. 

 

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Think carefully before securing other debts against your home, your home may be repossessed if you do not keep up repayments on your mortgage.

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